Sweden's Eco Wave Power H1 net loss narrows on cost discipline

Overview

• Sweden onshore wave energy firm's H1 net loss fell 12% yr/yr, operating expenses down 9%

• Company's cash position rose 58% after $4 mln capital raise at a premium to market

• Company advanced projects in Israel, U.S., Portugal, Taiwan and India; expanded AI initiatives

Outlook

• Company expects to obtain Taiwan port work permits by October 2026 for Suao Port project

• Eco Wave Power sees growing government support for wave energy in Israel and California

• Company advancing first megawatt-scale project in Portugal, with reinforcement works underway

Result Drivers

• COST MANAGEMENT - Co said 9% decrease in operating expenses and 12% reduction in net loss reflected continued financial discipline and improved operating efficiency

• GRANT FUNDING - Co said grants received through the European Green Deal’s ILIAD Consortium and Innovate UK rose 56.8%, supporting research, development and technology advancement

• AI AND DIGITAL INITIATIVES - Co said it expanded use of AI for predictive maintenance, system optimization and digital twins, aiming to enhance performance and scalability of wave energy systems

Company press release: ID:nPre0nklWa

Key Details

Analyst Coverage

• The one available analyst rating on the shares is "buy"

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)